Rapper Kanye West, 43, was recently declared a billionaire by Forbes. Now, it seems like wife Kim Kardashian is following his footsteps.
Kim Kardashian, 39, inked a massive deal with beauty giant Coty, selling a 20% stake of her cosmetics company KKW Beauty for $200 million.
What does it mean? That the cosmetic conglomerate Coty valued KKW Beauty at $1 billion! A big feat for a company that was founded just three years ago.
“This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world,” Kim said about the partnership with Coty.
With the majority stakes still in her kitty, Kim will be at the helm of affairs. But to strike a deal with Coty, the company that owns CoverGirl, Balenciaga and more labels, is huge. The company also bought more than half of Kylie Cosmetics last year.
“Kim is a true modern day global icon. She is a visionary, an entrepreneur, a mother, a philanthropist, and through social media has an unparalleled ability to connect with people around the world,” Coty Chairman said in a statement.
“This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
Proud husband Kanye West couldn’t contain his excitement and took to Twitter to celebrate the news.
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” he wrote. “You’ve weathered the craziest storms and now God is shining on you and our family.”
But let’s address the elephant in the room
So, the burning question – is Kim Kardashian a billionaire? While the deal means that Kim’s makeup and fragrance business has touched the billion-dollar milestone, it leaves media mogul Kim’s net worth at about $900 million, according to Forbes’ estimates. We’re no experts but that sure doesn’t look like a perfect billion.
The Kardashian family has always had a bittersweet relationship with the three-comma club. In 2019, Kylie Jenner was labeled the ‘youngest billionaire’ by Forbes, but there was no trace of her in Forbes’ 2020 list. Kanye West himself succeeded at entering the list after years of convincing.
Guess we’ll have to wait for things to play out to see if Kim has joined her beau’s ranks or not.